Polygon Sets September Date for Migration to POL Token from MATIC

Polygon Labs, the main developer firm behind the layer-2 network Polygon, said Wednesday that it will be performing the technical upgrade that swaps out its MATIC token for its new POL token starting on Sept. 4.

The migration comes as a part of Polygon’s planned revamp laid out last year in its “Polygon 2.0” roadmap. The change was initially proposed in July 2023 to its community, and would make POL the main token for all Polygon networks.

The switch will consist of a technical upgrade that enables POL to be the native gas and staking token for Polygon’s main proof-of-stake chain (Polygon PoS). In the next stages of the upgrade, POL will begin to also secure other blockchains in Polygon’s wider “aggregated” network, including the AggLayer.

“POL is a hyperproductive token that can be used to provide valuable services to any chain in the Polygon network, including the AggLayer itself,” Polygon wrote in their blog post.

According to the Polygon team, MATIC holders on the Polygon PoS chain won’t have to do anything for this upgrade and their tokens will show up in POL.

For those using MATIC on Polygon’s zkEVM rollup, on centralized exchanges, or on the Ethereum blockchain, they will need to go through various steps, Polygon detailed in their blog post.

As part of the network’s migration, Polygon will tested the token upgrade on July 17 in a test network environment, in order to identify or fix any issues before POL is live on mainnet.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.